Phase Change Material Market Trends

Growth Drivers

• Surge in the utilization of phase change material in construction activities - Phase change materials are employed in building components including walls, floors, and ceilings to absorb, store, and release heat. This approach helps with sustaining a consistent indoor temperature. PCM decreases consumption of energy and decreases reliance on HVAC systems.
  
  Further, the investment in developing green buildings is also growing which is additionally predicted to increase the demand for phase change material market. According to the UNEP predictions, investments in constructing energy-efficient buildings surged by 16% to USD 237 billion in 2021.
• Growing demand for electric vehicles - By the estimation of IEA, the sale of electric vehicles all across the world is projected to reach USD 17 million by the end of 2024. On account of this factor, the revenue for phase change material is also predicted to rise. This is because effective controlling the temperature of the battery in electric vehicle is accomplished with the incorporation of phase change material, which is why it has become more and more common in these vehicles.
  
  This unique solution avoids reliance on an active cooling system, reducing energy consumption and improving EV driving range. Employing phase change material boosts the reliability and sustainability of electric vehicles.
• Expanding importance of phase change material in healthcare - The phase change material is currently being used as a covering material in medicine delivery. Clinical trials often encompass the collection, transportation, and preservation of various biological samples; hence phase change materials ensure that these specimens remain constant in temperature while preserving their integrity for proper analysis. Thus, increased growth in clinical trials drives the growth of the market.
• Rising research & development - Phase change materials serve a significant part in the creation of adaptive materials for metamaterials-based applications including reconfigurable intelligent surfaces. These materials provide new methods by allowing for conductive heating, optimum stimulation, or magnetic and electric fields. In addition, the advancements in materials strengthen the properties and applications of metamaterials, consequently driving market growth.

Challenges

• Corrosive nature of phase change material - The corrosive nature of certain phase change materials increases the breakdown and degradation of storage vessels as well as thermal management system components. This may decrease the lifespan of systems, promoting maintenance and replacement expenses.
• Lack of awareness among people regarding the benefits of phase change materials - The lack of awareness regarding the advantages and potential uses of phase change materials technology across architects, consumers, and engineers stifles market growth. Knowledge needs to develop to encourage understanding and adoption. However, this might boost the expenditure of the organization which would further hinder the adoption of the phase change material market.
• High cost of phase change material - High-cost materials restrict their use in an array of industries, particularly building insulation, textiles, and packaging. Expenses prevent companies from scaling up output, leading to limited economic scalability. Companies' financial limitations are the major factor in limiting their capacity to phase-change material items. These characteristics impede market innovation and development.